Debt, Financial Fragility, and Systemic Risk / Edition 2

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Overview

A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behavior and financial structure in many advanced countries. This book explores, in theoretical and empirical terms, the nature of the relationships between the underlying phenomena—levels and changes in debt, vulnerability to default in the corporate and household sectors, and systematic risk in the financial sector. The book focuses on the generality of this phenomena—whether similar patterns are observable in certain countries, as well as in the international capital markets themselves. Emphasis is placed to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the development of financial systems in all advanced countries, as well as the euromarkets.

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Editorial Reviews

From the Publisher
"It will constitute the beginning point of most future research efforts in the financial disorder field."—Journal of Economic Literature
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Product Details

  • ISBN-13: 9780198233312
  • Publisher: Oxford University Press
  • Publication date: 11/9/1995
  • Edition description: Rev. and extended version
  • Edition number: 2
  • Pages: 408
  • Lexile: 1630L (what's this?)
  • Product dimensions: 6.13 (w) x 9.19 (h) x 0.93 (d)

Meet the Author

London School of Economics
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Table of Contents

List of Charts and Figures
List of Tables
Introduction
1. Debt
1.1. The Nature of the Debt Contract
1.2. Aspects of the Economics of Debt
1.3. Theories of Credit Rationing
1.4. Theories of Intermediation
1.5. Aspects of the Structure and Development of Financial Systems
Summary
Appendix: The Development of Financial Systems - a Long View
2. Financial Fragility in the Corporate Sector
2.1. Recent Trends in Corporate Sector Indebtedness
2.2. Theories of Corporate Debt
2.3. Costs of Bankruptcy
2.4. Explaining Relative Levels of Corporate Inebtedness
2.5. Explaining Divergence From Structural Patterns of Gearing
2.6. Company Sector Debt and Default
Conclusions
3. Financial Fragility in the Personal Sector
3.1. Recent Trends in Personal-Sector Indebtedness
3.2. Theoretical Considerations: the Household-Sector Demand for Credit
3.3. An Interpretation of Patterns of Indebtedness
3.4. Personal-Sector Debt and Default
3.5. Personal Debt, Saving, and Asset Prices
Conclusions
4. Economic Effects of Financial Fragility
4.1. Efects on Other Companies
4.2. Effects on Public Expenditure
4.3. Effects on Economic Policy
4.4. Cyclical Efects on Saving and Investment
4.5. Effects Operating via the Financial System
4.6. Financial Fragility and Longterm Economic Performance
4.7. Volatility of Asset Prices
4.8. Bank Insolvency
4.9. Financial Fragility: a Case-study
Conclusions
Appendix: Public Debt and Financial Fragility
5. The Economic Theory of Systemic Risk
5.1. Bank Runs
5.2. Financial Regulation against Systemic Risk
5.3. Debt and Financial Fragility
5.4. The Monetarist Approach
5.5. Rational Expectations
5.6. Uncertainty
5.7. Credit Rationing
5.8. Asymmetric Information and Agency Costs
5.9. Dynamics of Dealer Markets
Conclusions
6. Financial Instability 1966-1990
6.1. Wholesale Market Structure and Dynamics
6.2. Six Episodes of Financial Instability
6.3. Price and Quantities in the Financial Markets 1966-90
6.4. A Comparative Empirical Analysis of the Periods of Instability
6.5. The Theory of Crises Viewed in the Light of Empirical Evidence
Conclusions
Appendix 1: Euromarkets during the 1987 Crash
Appendix 2: Prediction of Systemic Risk: a Sample Econometric Test
7. Systemic Risk and Financial Market Structure
7.1. Theories of Financial Crisis
7.2. Recent Developments in Industrial Economics and their Application to Financial Markets
7.3. An Industrial Approach to Financial Instability
7.4. Structural Reasons for Overshooting
7.5. Financial Instability: a Re-examination
7.6. New Entry wthout Instability
Conclusions
Appendix: The Industrial Economics of the Primary Eurobond Market
8. Ten Further Financial Crises
8.1. Overend Gurney (1866) - UK
8.2. The Stock-Market Crash and the Great Depression (1929-1933) - USA
8.3. The Yamaichi Rescue (1965) - Japan
8.4. The Penn Central Bankruptcy (1970) - USA
8.5. The Continental Illinois Bank Failure (1984) - USA
8.6. The Canadian Regional Banking Crisis (1985)
8.7. The Collapse of the High-Yield (Junk) Bond Market (1989) - USA
8.8. Instability in Australia in the Late 1980s
8.9. The Swedish Finance Company Crisis (1990)
8.10. The Norwegian Banking Crisis 1990-1991
Conclusions
9. Experience of the Early 1990s
9.1. Financial Fragility over 1988-1993
9.2. Studies of National Experience of Financial Fragility
9.3. Systemic Risk 1991-1994
Conclusions
10. Analytical Issues Arising
10.1. Bank Leading to Finance Real Estate
10.2. Pricing of Bank Risk
10.3. The Future of Banking
10.4. The Credit Channel of Monetary Policy Transmission
10.5. Derivatives
10.6. Market-Liquidity Risk
10.7. Institutional Investors and Financial Instability
10.8. Risk in Payments and Settlements Systems
Conclusions
Conclusion: Themes and Prospects
Issues of Finance
Regulatory Issues
Financial Structure and Behavior
Prospects
Glossary
References
General Index
Index of Names

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